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Highlights from the FASB’s December 11 meeting

  • FASB meeting Image

Dec 14, 2015

At its December 11, 2015, meeting, the FASB (1) ratified several EITF consensuses and consensuses-for-exposure and (2) discussed the first phase of its project on financial statements of not-for-profit entities.

Ratification of EITF consensuses and tentative conclusions

The FASB voted to issue as final ASUs the EITF’s final consensuses related to (1) the recognition of breakage for certain prepaid stored-value products, (2) the effect of derivative contract novations on existing hedge accounting relationships, and (3) contingent put and call options in debt instruments. In addition, the FASB agreed to issue as a proposed ASU the EITF’s consensuses-for-exposure related to the statement of cash flows — classification of certain cash receipts and cash payments.

For more information, see the meeting minutes on the FASB’s Web site.

Financial statements of not-for-profit entities (phase 1)

The FASB discussed feedback received on its proposed ASU, Presentation of Financial Statements of Not-for-Profit Entities, and made tentative decisions about (1) methods of presenting operating cash flows, (2) the net asset classification scheme and related issues, and (3) useful information for assessing liquidity.

For more information, see the meeting minutes on the FASB’s Web site.

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.